Zimmer Biomet Holdings, Inc.
- Open
- 92.66
- Day high
- 92.88
- Day low
- 91.11
- Prev close
- 93.10
- Volume
- 1.8M
- Mkt cap
- $17.7B
- P/E (TTM)
- 23.6
- EPS (TTM)
- $3.87
- P/B
- 1.4
- P/S
- 2.1
- Yield
- 0.53%
- Per share
- $0.48
- ▼Insiders net selling -$413K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions mixed (13F)
Zimmer Biomet Holdings, Inc. (ZBH) is a Healthcare company listed on NYSE. The stock is up 2% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Zimmer Biomet Holdings, Inc. (ZBH) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ZBH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $1.86 | $2.09 | +12.4% | $2.1B | +0.8% |
| Nov 5, 2025 | $1.87 | $1.90 | +1.6% | $2.0B | -0.5% |
| Aug 7, 2025 | $1.98 | $2.07 | +4.5% | $2.1B | +1.0% |
| Feb 6, 2025 | $2.30 | $2.31 | +0.4% | $2.0B | +0.4% |
| May 2, 2024 | $1.87 | $1.94 | +3.7% | $1.9B | +1.2% |
| Feb 8, 2024 | $2.15 | $2.20 | +2.3% | $1.9B | +0.6% |
| Aug 1, 2023 | $1.82 | $1.82 | +0.0% | $1.9B | +2.5% |
| May 2, 2023 | $1.66 | $1.89 | +13.9% | $1.8B | +7.4% |
| Feb 3, 2023 | $1.83 | $1.88 | +2.7% | $1.8B | +3.6% |
| Nov 2, 2022 | $1.56 | $1.58 | +1.3% | $1.7B | +2.2% |
| Aug 2, 2022 | $1.63 | $1.82 | +11.7% | $1.8B | +3.5% |
| May 3, 2022 | $1.40 | $1.61 | +15.0% | $1.7B | — |
ZBH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 2, 2026 | Yi Sangofficer: Group President, Asia Pacific | Sell | 4,200 | $82.64 |
| Jun 2, 2026 | Yi Sangofficer: Group President, Asia Pacific | Sell | 800 | $82.66 |
| May 27, 2026 | Kurdikar Devdattdirector | Grant | 1,517 | — |
| May 27, 2026 | BERNARD BETSY Jdirector | Grant | 1,517 | — |
| May 27, 2026 | HIGGINS ARTHUR Jdirector | Grant | 1,517 | — |
| May 27, 2026 | Kolli Sreelakshmidirector | Grant | 875 | $85.68 |
| May 27, 2026 | Farrell Michael J.director | Grant | 875 | $85.68 |
| May 27, 2026 | Kolli Sreelakshmidirector | Grant | 1,517 | — |
| May 27, 2026 | Jafry Syed A.director | Grant | 875 | $85.68 |
| May 27, 2026 | Hilado Maria Teresadirector | Grant | 875 | $85.68 |
| May 27, 2026 | Farrell Michael J.director | Grant | 1,517 | — |
| May 27, 2026 | Hilado Maria Teresadirector | Grant | 1,517 | — |
| May 27, 2026 | Shapiro Louisdirector | Grant | 875 | $85.68 |
| May 27, 2026 | HAGEMANN ROBERTdirector | Grant | 1,517 | — |
| May 27, 2026 | HAGEMANN ROBERTdirector | Grant | 875 | $85.68 |
Source: ZBH SEC Form 4 filings, latest Jun 2, 2026. For informational purposes only — not investment advice.
See the full ZBH insider & 13F page →Zimmer Biomet Holdings, Inc. company profile
Overview
Zimmer Biomet Holdings, Inc. (NYSE:ZBH) is a leading global medical device company specializing in musculoskeletal healthcare solutions. Founded in 1927 and headquartered in Warsaw, Indiana, the company emerged from the merger of Zimmer Holdings and Biomet in 2015. Zimmer Biomet designs, manufactures, and markets orthopedic reconstructive products, surgical instruments, and related technologies used to treat patients with bone, joint, and soft tissue disorders or injuries.
Business
Zimmer Biomet operates in the orthopedic medical device industry, which focuses on treating musculoskeletal conditions through surgical implants and related technologies. The company's core business revolves around providing solutions for joint replacement surgeries, trauma repair, and other orthopedic procedures that help restore mobility and quality of life for patients. The company operates through several key business segments: 1. **Global Knees (approximately 35-40% of revenue)**: This segment includes knee replacement implants such as the Persona knee system and Oxford Partial knee products. Knee replacement surgery involves removing damaged cartilage and bone from the knee joint and replacing it with artificial components made of metal and plastic. The company offers both total knee replacements (where the entire joint is replaced) and partial knee replacements (where only the damaged portion is replaced). 2. **Global Hips (approximately 25-30% of revenue)**: Hip replacement products include various hip stems, cups, and bearing surfaces. Hip replacement surgery involves removing the damaged ball-and-socket hip joint and replacing it with artificial components. The company's portfolio includes products like the Z1 Hip Stem and various cementless hip systems that allow bone to grow into the implant for better long-term fixation. 3. **Sports, Extremities, and Trauma (S.E.T.) (approximately 20-25% of revenue)**: This rapidly growing segment includes products for sports medicine (such as shoulder, elbow, and ankle repairs), trauma products (for treating fractures and bone injuries), and extremities products (for hands, feet, and other smaller joints). This segment has shown strong growth, with some subsegments growing in the double digits. 4. **Technology, Data, Bone Cement, and Surgical (approximately 10-15% of revenue)**: This segment includes robotic surgical systems like ROSA (Robotic Surgical Assistant), navigation systems, bone cement used to secure implants, and various surgical instruments. The ROSA system helps surgeons perform more precise joint replacement procedures using computer-assisted technology. The company also offers dental implants and related products, though this represents a smaller portion of the business. All of these products are used in hospitals, ambulatory surgical centers (ASCs), and other healthcare facilities by orthopedic surgeons, neurosurgeons, and other specialists.
Revenue model
Zimmer Biomet generates revenue primarily through the sale of medical devices and implants to healthcare providers. The company operates on a traditional product sales model, selling its orthopedic implants, surgical instruments, and robotic systems to hospitals, ambulatory surgical centers, and other healthcare facilities worldwide. Revenue is recognized when products are delivered to customers. The company's paying customers include hospitals, surgical centers, group purchasing organizations (GPOs), healthcare dealers, stocking distributors, and individual surgeons. In many cases, the company works directly with orthopedic surgeons who influence purchasing decisions, even though the ultimate buyer is typically the healthcare institution. The business model also includes several recurring revenue streams. The ROSA robotic system generates ongoing revenue through procedure-based fees and software updates. Bone cement and other consumable products provide repeat purchase opportunities. The company is also expanding into direct-to-patient programs and services that could create additional revenue streams. Several factors can significantly impact Zimmer Biomet's margins and profitability. **Positive margin drivers** include successful new product launches that command premium pricing, increased adoption of higher-margin robotic and technology solutions, expansion in faster-growing markets like ambulatory surgical centers, and operational efficiency improvements. The company's focus on innovation allows it to maintain pricing power in competitive markets. **Negative margin pressures** come from healthcare cost containment efforts that drive pricing pressure from hospitals and GPOs, increased competition from both established players and new entrants, regulatory compliance costs, and supply chain inflation affecting raw materials and manufacturing. Currency fluctuations also impact international operations, and potential tariffs on imported components could create additional cost pressures. The company faces ongoing pressure to demonstrate value-based outcomes to justify premium pricing in an increasingly cost-conscious healthcare environment.
Competitive moat
Zimmer Biomet possesses a **moderate to strong competitive moat** built on several key advantages, though the moat faces ongoing challenges from technological disruption and competitive pressures. The company's primary moat stems from its **extensive product portfolio and clinical track record**. With nearly a century of experience, Zimmer Biomet has built strong relationships with orthopedic surgeons who are often conservative in switching between implant systems due to the high stakes involved in joint replacement procedures. Surgeons typically prefer to use implants they're familiar with and trust, creating switching costs and customer loyalty. **Regulatory barriers** provide another layer of protection. Medical devices require extensive FDA approvals and clinical trials, which can take years and cost millions of dollars. This creates significant barriers for new entrants and helps protect market share for established players like Zimmer Biomet. The company's **scale advantages** in manufacturing, R&D, and distribution create cost efficiencies that smaller competitors struggle to match. Zimmer Biomet's global distribution network and ability to invest heavily in innovation (over 50 new products planned for launch) help maintain its competitive position. However, the moat faces **significant competitive threats**. Large competitors like Johnson & Johnson's DePuy Synthes, Stryker, and Smith & Nephew have similar scale and resources. The orthopedic device market is mature with modest growth rates, intensifying competition for market share. Additionally, **technological disruption** from robotics, AI-assisted surgery, and new materials could potentially reshape the competitive landscape, requiring continuous investment to maintain relevance. The company's recent performance suggests some **moat deterioration**, particularly in the U.S. market where it has lost market share in key segments like hips. This indicates that while Zimmer Biomet has competitive advantages, they may not be as durable or strong as those of companies with more defensible market positions.
Risks & safety
**Overall Assessment**: Zimmer Biomet demonstrates solid financial stability with adequate liquidity and manageable debt levels, though valuation appears elevated relative to growth prospects. **Cash and Debt Position**: - Cash and short-term investments: $1.38 billion (Q1 2025) - Current ratio: 2.44, indicating strong short-term liquidity - Debt-to-equity ratio: 0.58, representing moderate leverage - Strong free cash flow generation: $336 million (Q1 2025), $1.14 billion (FY 2024) - No immediate solvency concerns given consistent cash generation **Valuation Metrics**: - P/E ratio: 30.9 (Q1 2025), elevated for a mature medical device company - EV/EBITDA: 12.9, reasonable but not cheap - Price-to-book: 1.82, reflecting premium to book value - Graham number suggests potential overvaluation at current levels **Other Considerations**: - Consistent EBITDA margins around 25-30% demonstrate operational stability - Exposure to tariff headwinds ($60-80 million expected in 2025) - Recent acquisition of Paragon 28 for $1.1 billion increases integration risk - Mature market with modest organic growth rates (3-5% guidance) limits upside potential
Recent development
Over the past few years, Zimmer Biomet has undergone significant strategic transformation focused on three key priorities: people and culture, operational excellence, and innovation and diversification. **Leadership and Organizational Changes**: The company has made substantial leadership changes across key functions, including new appointments in strategy, innovation, business development, communications, and various product categories. Management has emphasized upgrading talent and ensuring the right people are in the right roles, particularly in U.S. sales leadership and territory management. **Innovation Pipeline Acceleration**: Zimmer Biomet has dramatically expanded its product development efforts, planning to launch over 50 new products in the next 36 months. Key recent launches include the Z1 Hip Stem (showing strong competitive conversion rates), the HAMMR surgical impactor, the Oxford Partial Cementless Knee, and the Persona OsseoTi knee system. The company has doubled its pipeline value over five years, with 80% of new products expected to be accretive to growth rates. **Technology and Robotics Expansion**: The company has significantly invested in robotic and digital technologies. The ROSA robotic platform has been expanded across multiple applications including knees, hips, and shoulders. Recent developments include the submission of ROSA Knee V15 with enhanced surgical accuracy and planned CT scan and Partial Knee platforms. The company also acquired OrthoGrid for AI surgical guidance capabilities. **Strategic Acquisitions**: The most significant recent move was the $1.1 billion acquisition of Paragon 28 in April 2025, which dramatically expands Zimmer Biomet's presence in the foot and ankle market. This acquisition is expected to contribute 270 basis points to sales growth in 2025 and provides access to the faster-growing ambulatory surgical center market. **Market Expansion**: The company has focused on geographic diversification, targeting 15 key countries representing 93-95% of global market potential. It has also launched direct-to-patient programs and expanded its presence in ambulatory surgical centers, which represent a faster-growing segment of the healthcare market.
ZBH company profile · for informational purposes only — not investment advice.
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